Automotive Properties REIT Completes Acquisitions of Two Tesla Automotive Properties for a Combined Purchase Price of $25.9 Million

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[{"type":"text","content":"\n \n \n \n Automotive Properties REIT Completes Acquisitions of Two Tesla Automotive Properties for a Combined Purchase Price of $25.9 Million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n − Not for distribution to U.S. News Wire Services or dissemination in\n \n the United States\n \n −\n \n \n \n \n TORONTO\n \n ,\n \n Feb. 28, 2022\n \n /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (\"Automotive Properties REIT\" or the \"REIT\") announced today that it has waived all conditions and completed the acquisitions of two Tesla automotive service properties (the \"Properties\") for a combined purchase price of approximately\n \n $25.9 million\n \n . The Properties are located at 2180 / 2200 Cyrille-Duquet Street in Québec City, Québec (the \"Cyrille-Duquet Street Property\") and 2474 Doral Drive in\n \n Innisfil, Ontario\n \n (the \"Doral Drive Property\"). The Properties are tenanted by Tesla Canada. The addition of the Properties is expected to be immediately accretive to the REIT's Adjusted Funds from Operations (\"AFFO\")¹ per unit on a leverage-neutral basis.\n \n \n \"We continue to increase the electric vehicle component within our portfolio.  We now own five properties tenanted by Tesla Canada in urban markets across\n \n Canada\n \n ,\" said\n \n Milton Lamb\n \n , CEO of Automotive Properties REIT.\n \n \n The Cyrille-Duquet Street Property consists of two buildings totaling 50,763 square feet, including a 20,100 square-foot automotive service facility situated on approximately 1.16 acres of land at 2180 Cyrille-Duquet Street, and a 30,663 square-foot automotive service facility situated on approximately 2.16 acres of land at 2200 Cyrille-Duquet Street. The Cyrille-Duquet Street Property is adjacent to Autoroute 440 in an area of substantial commercial development. The tenant of the Cyrille-Duquet Street Property has entered into a long-term, triple-net lease with the REIT. The purchase price for the Cyrille-Duquet Street Pr...

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